5(1)Section 548 (distributions: liability to tax) is amended as follows.U.K.
(2)In subsection (5) after “2009)” insert “ so far as the distribution is a distribution of exempt profits ”.
(3)In subsection (6) after “2005)” insert “ so far as the distribution is a distribution of exempt profits ”.
(4)After subsection (8) insert—
“(9)This section does not apply in relation to a distribution falling within section 549A(6) or (8) so far as the distribution is a distribution of exempt profits.
(10)For the purposes of this Chapter a distribution is a “distribution of exempt profits” so far as the distribution falls within section 550(2)(a), (aa), (c) or (d).
(11)In applying section 550 for the purposes of subsection (10) in relation to a distribution made by the principal company of a post-cessation group or by a post-cessation company—
(a)subsection (1)(a) is to be read as referring to the principal company of the post-cessation group, or (as the case may be)
(b)subsection (1)(b) is to be read as referring to the post-cessation company.”